Reuters Africa Business

South African rand slips as lawmakers recommend further budget changes

1 Apr 2025

JOHANNESBURG (Reuters) -The South African rand weakened on Tuesday as lawmakers on a parliamentary committee recommended further changes to the country’s budget, adding uncertainty to an already murky fiscal picture. The majority of lawmakers on the Standing Committee on Finance, the first parliamentary hurdle for the budget, recommended the budget be amended to remove a …

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South Africa’s tax take rises over 6% in 2024/25 fiscal year

1 Apr 2025

JOHANNESBURG (Reuters) – South Africa collected a net 1.855 trillion rand ($101.02 billion) of tax in the fiscal year that ended on March 31, more than 6% higher than the previous year, preliminary figures showed on Tuesday. The South African Revenue Service (SARS) said collections were robust from the finance, community, wholesale and construction sectors. …

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Ugandan shilling unchanged amid thin importer FX demand

1 Apr 2025

KAMPALA (Reuters) – The Ugandan shilling was stable on Tuesday, with thin importer demand and some dollar inflows from coffee exporters, traders said. At 0831 GMT, commercial banks quoted the shilling at 3,655/3,665, the same level as Monday’s close. (Reporting by Elias Biryabarema; Editing by George Obulutsa)

Kenyan shilling firms versus dollar, LSEG data shows

1 Apr 2025

NAIROBI (Reuters) – Kenya’s shilling gained ground against the dollar on Tuesday, data from the London Stock Exchange Group showed. At 0709 GMT, the shilling traded at 128.60/129.60 per dollar, compared with Friday’s closing rate of 129.20/130.20. Markets were closed on Monday for a public holiday. (Reporting by George Obulutsa, Editing by Bhargav Acharya)

South Africa’s two biggest parties yet to reach pact on budget

1 Apr 2025

By Bhargav Acharya JOHANNESBURG (Reuters) -South Africa’s two biggest political parties, the African National Congress and the pro-business Democratic Alliance were yet to reach agreement to pass the budget on Tuesday, hours before a key parliamentary committee was set to debate it. The budget has been the biggest test yet for the broad coalition government …

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Stocks drop, gold hits record as tariffs stoke recession worries

31 Mar 2025

By Samuel Indyk and Chibuike Oguh NEW YORK/LONDON (Reuters) -Global equity markets fell and safe-haven gold hit a fresh record high on Monday after U.S. President Donald Trump said tariffs would essentially cover all countries, stoking worries a global trade war could lead to a recession. Trump’s comments to reporters on Air Force One seemed …

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Kenya inflation rises to 3.6% in March

31 Mar 2025

NAIROBI (Reuters) – Kenya’s inflation rose to 3.6% year-on-year in March from 3.5% a month before, the statistics office said on Monday. On a monthly basis, inflation was at 0.4% in March, the Kenya National Bureau of Statistics said in a statement. (Reporting by Bhargav Acharya and George Obulutsa; Editing by Leslie Adler)

Saudi’s Jameel Motors enters South Africa as distributor of Changan cars

31 Mar 2025

By Nqobile Dludla JOHANNESBURG (Reuters) – Saudi Arabia’s Jameel Motors has signed a deal to distribute China-based Changan Automobile’s SUVs, sedans, pickups and new energy vehicles in South Africa, the companies announced on Monday, their first foray into the country. South Africa is the largest automotive market in sub-Saharan Africa, with new vehicle sales totalling …

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ArcelorMittal South Africa defers plant closure after $92 million injection

31 Mar 2025

(Reuters) -ArcelorMittal South Africa will defer the closure of its loss-making long steel plants to August 31 after getting a 1.683 billion rand ($91.50 million) injection from the state-owned Industrial Development Corporation, the steelmaker said on Monday. The steelmaker, which has been in talks with the government about a relief package, announced on February 28 …

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